Shell-shocked bankers sipped pints and consoled each other after job losses

They made their way in dribs and drabs. Hundreds of displaced bankers, shuffling up Suffolk Lane to All Bar One and along Upper Thames Street toward the Folly, the only pubs in the City of London open that early on an overcast Tuesday morning.

The shell-shocked men and women sipping pints and consoling each other had become part of a growing population. Faced with a toxic blend of zero-interest rates, stiffer capital requirements and a collapse in trading revenue, banks including Barclays, Deutsche Bank and Credit Suisse have announced large cuts to their European operations in recent months. Even U.S. firms, with higher profitability, are trimming staff.

Ian Bolland

A journalism graduate of Liverpool John Moores University. During his time at university, Ian spent time on work experience at local newspapers in Liverpool, Bolton and Wigan, and prior to that he did work for The Observer's 'fans verdict'. Ian also has interests in news, current affairs and business but mostly sport, including football, rugby league, cricket, golf and Formula 1, amongst others.